Guyana Goldstrike Continues with Gold Discovery: Assays up to 5.98 g/t Gold at Paunch Area, Marudi Gold Project, Guyana
(TheNewswire)
May 30, 2018 / TheNewswire / Vancouver, Canada – Guyana Goldstrike Inc. (the “Company” or “Guyana Goldstrike”) (TSXV: GYA, OTC: GYNAF, FSE:1ZT) is pleased to report that the Company’s geological team has completed trenching, mapping and sampling at the Paunch area on its Marudi Gold Project (“Marudi” or the “Property”) located in the Guiana Gold Belt, Guyana, South America.
Locke Goldsmith P Eng. P Geo., VP Exploration states “These results are very encouraging as they confirm the presence of gold in the new discovery area. This is the first of nine areas of interest that we plan to trench over the coming months in preparation for a phase one drill program. The results obtained from trenches A and L with peak gold values of 7.45 and 5.98 g/t Au are located further south and are closer to the ridge top than the other lower values.” Mr. Goldsmith continues, “This is suggestive that the gold dispersion is down slope due to transportation and originates from a nearby, yet undiscovered bedrock source.”
Mineralization
Selected fire assay intervals from Paunch trenches A, B, C, and L are summarized in Table 1 below.
Trenches A and L with peak gold values of 7.45 and 5.98 g/t Au over 2.0 m horizontal lengths respectively are located farther south and closer to the ridge top than a peak gold value in trench B of 1.86 g/t Au across 2.0 m horizontal. Gold dispersion down slope is suggested.
Sampling
Sampling of 166.2 m of trenching was completed with 106 horizontal chip-channel sample intervals taken along the base of trench walls. Two samples were collected from each sample interval. One sample was shipped to Actlabs in Georgetown for fire assay of gold and a second sample was panned by the Company to examine and determine if free gold was present in the heavy mineral concentrate.
Table 1.
Paunch trenches A, B, C, (as previously reported: news release dated May 15, 2018) and L, with selected assay and gold count intervals.
--------------------------------------------------------- | |Total | |From|To |Length|Average| |Assay| | |length| | | | |depth | | | |-------------------------------------------------------| | |m | |m |m |m |m | |g/t | | | | | | | | | |Au | |-------------------------------------------------------| | | | | | | | | | | | |-------------------------------------------------------| |Trench|38.8 | | | | | | | |A | | | | | | | | |-------------------------------------------------------| | | | |18.1|19.1|1 |7 | |0.504| |-------------------------------------------------------| | | | | | | | | | | | |-------------------------------------------------------| | | | |25.3|32.8|7.5 |*NR | |2.16 | |-------------------------------------------------------| | | |Includes|30.8|32.8|2 |*NR | |7.45 | |-------------------------------------------------------| | | | | | | | | | | | |-------------------------------------------------------| |Trench|61.2 | | | | | | | | |B | | | | | | | | | |-------------------------------------------------------| | | | |13.7|15.7|2 |1.5 | |1.64 | |-------------------------------------------------------| | | | | | | | | | | | |-------------------------------------------------------| | | | |30.6|31.2|0.6 | | |0.58 | |-------------------------------------------------------| | | | | | | | | | | | |-------------------------------------------------------| | | | |35.2|45.2|10 |2.8 | |0.38 | |-------------------------------------------------------| | | |Includes|35.2|37.2|2 |3.7 | |1.86 | |-------------------------------------------------------| | | | | | | | | | | | |-------------------------------------------------------| |Trench|15 | | | | | | | | |C | | | | | | | | | |-------------------------------------------------------| | | | |0 |2 |2 |2.5 | |0.64 | |-------------------------------------------------------| | | | | | | | | | | | |-------------------------------------------------------| | | | |10 |15 |5 |3.9 | |0.64 | |-------------------------------------------------------| | | |Includes|10 |12 |2 |4.3 | |1.06 | |-------------------------------------------------------| | | | | | | | | | | | |-------------------------------------------------------| | | | |14 |15 |1 |2.8 | |0.61 | |-------------------------------------------------------| | | | | | | | | | | | |-------------------------------------------------------| |Trench|18.3 | | | | | | | | |L | | | | | | | | | |-------------------------------------------------------| | | | |0 |2 |2 |6 | |5.98 | |-------------------------------------------------------| | | | | | | | | | | | |-------------------------------------------------------| | | | |13.3|15.3|2 |3.3 | |0.60 | |-------------------------------------------------------| | | | | | | | | | | |-------------------------------------------------------| |Total |133.3 | | | | | | | | ---------------------------------------------------------All samples collected during this program were delivered to Activation Laboratories Ltd. (Actlabs) located in Georgetown, Guyana for gold content by Fire Assay (FA). Actlabs is an independent commercial analytical facility and is ISO 17025 accredited and certified to 9001: 2008. With 25+ years’ experience, with full analytical laboratories that perform high quality analysis to many industries around the world.
Table 2. Summary of Paunch analyses
------------------------------------------- |Minus |Plus |Duplicates|Total number| |80-mesh |80-mesh | |of analyses | |fraction|fraction| | | |-----------------------------------------| |106 |55 |5 |166 | -------------------------------------------Panning
A second sample was panned in camp to determine if free gold was present in the heavy mineral concentrate. If present, a visual count of gold points and an estimate of the amount of gold dust were recorded. A gold point is a piece that is noticeable as slightly larger than dust. Very fine gold dust particles may be counted in the range of 1 to 10 but greater amounts must be estimated because the eye does not distinguish between individual specks in a finely divided, closely packed concentration.
Gold, when observed in a pan concentrate at the time of trench sampling, is an indication that trench extensions and additional trenches may be advisable. The trend of greater or lesser amounts of gold over distance may suggest a vector towards a bedrock source.
Counts of gold in pan concentrates are compared as a check with results from fire assays.
Paunch trenches predominantly contained gold dust from pan concentrates in appreciable quantities (100+) and an absence of wire or angular gold suggesting that transport has occurred and has originated from a nearby bedrock source.
Geology
In the Paunch trenches saprolite is developed on silty metasediments. Strike of bedding varies between 264- 282 and dip varies between 73-80 S. Where present, discontinuous and fractured 0.5 to 3 cm-wide quartz veinlets strike subparallel to bedding and dip 45- 59 S.
Sampling and assaying
Actlabs crushed, pulverized, and sized each sample on an 80-mesh screen.
A sufficient fraction of all 106 samples for a 30-gram fire assay charge passed the 80-mesh screen. The coarse fraction remaining on the 80-mesh screen was sufficient for a 30-gram fire assay charge from 55 of the 106 samples; assays of the two fractions were totaled for presentation on trench assay plans.
The map below contains the locations of trenching performed on the Paunch area
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Photo 1
Paunch Area, Transported Metachert and Quartzite
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Photo 2
Paunch Area, Trench L
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Paunch trenches A, B, C, L, selected assay and gold count intervals
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Quality assurance / Quality control (QA/QC)
Actlabs is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Certified blanks and standards are systematically used as part of Guyana Goldstrike's QA/QC program with one blank and standard inserted at every 20 sample intervals at Paunch.
Property Geology
Gold mineralization at Marudi is regarded as being related to iron-formation-hosted gold ("IFG") deposits that occur in other cratonic greenstone belts around the world. These deposits can be remarkably long-lived with sizeable gold production. They have a strong association between gold and iron sulfide minerals, the presence of gold bearing quartz veins and structures, the occurrence of deposits in structurally complex terranes, and the absence of lead and zinc enrichment.
Examples of some existing IFG deposits are: the Homestake Mine, Lupin Mine, and Musselwhite Mine.
The Homestake Mine is located in South Dakota USA and was the largest and deepest gold mine in North America. It has reported production of 43.9 million ounces of gold (source: https://en.wikipedia.org/wiki/Homestake_Mine_(South_Dakota) and was in production from 1878-2001.
The Lupin Mine located in Nunavut, Canada, no longer in production, produced approximately 3 million ounces of gold (source: http://www.kinross.com/news-and-investors/news-releases/press-release-details/2003/Suspension-of-Operations-at-the-Lupin-Mine/default.aspx).
The Mussellwhite Mine has estimated reserves of 2.29 million ounces of gold (source: https://en.wikipedia.org/wiki/Musselwhite_mine) and is owned and operated by Goldcorp and will be in production until 2020.
About the Marudi Gold Project
The Company is developing the Marudi Gold Project located in Guyana, South America, the project is unique in that it has a mining license in good standing, all-season road access, infrastructure in place, with an established mining camp serviced by employees, service buildings, and a full-time mining manager. The Property has three known gold bearing areas, specifically the alluvial areas, the saprolite, and the underlying hard-rock.
There has been 42,000 metres of historic diamond drilling (141 holes) completed on the Project by prior operators. The Company has recently completed a mineral resource estimate on the Mazoa Hill zone containing 259,100 indicated gold ounces within 4,428,000 tonnes grading 1.8 grams/tonne (g/t) and 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.60 grams/tonne (g/t). There exists excellent exploration upside through the development of previously identified mineralized bedrock targets on the Project.
For information concerning the mineral resource estimate and the Project, readers are encouraged to review "Technical Report: Marudi Property Mazoa Hill Mineral Resource Estimate”, a technical report prepared for the Company by Global Mineral Resource Services and is available at http://www.guyanagoldstrike.com/images/pdf/43101_Report_Guyana_Goldstrike_Mazoa_Hill_Zone_Jan_2018.pdf and under the Company's profile on SEDAR www.sedar.com.
About Guyana
The Republic of Guyana is located in South America between Venezuela and Suriname. The country is English speaking and under British Common Law with a democratically-elected government. It has an established mining act and a rich history of gold production. In 2016, 690,000 ounces of gold was produced by operators mining in the country. The Fraser Institute’s 2016 Annual Survey of Mining listed Guyana as the third best mining jurisdiction with regards to investment attractiveness in the Latin America and Caribbean Basin sub-group. The Guiana Shield is the geographic gold-hosting region, and is world-recognized as a premier gold region that is highly prospective, under-explored and has geological continuity with West Africa.* In 2016, two mines in Guyana declared the commencement of commercial production: the Aurora deposit (Guyana Goldfields) and the Karouni deposit (Troy Resources).
* Independent Technical and Environmental Review Karouni Gold Project - Guyana, Behre Dolbear Australia Pty Ltd, April 29, 2016
Qualified Person
Locke Goldsmith, M.Sc., P. Eng, P. Geo, Chief Geologist and Exploration Manager for the Company, is a Qualified Person in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Goldsmith has reviewed and approved the scientific and technical content of this news release.
On behalf of the Board of Directors of
GUYANA GOLDSTRIKE INC.
Peter Berdusco
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for gold, changes in exploration costs and government regulation in Guyana, status of artisanal mining activities and associated rights, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
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